Sunday, 24 September 2017

General Assembly Meetings

2017

The 40th ordinary General Assembly Meeting.

The Ordinary General Assembly Meeting of Jordan Kuwait Bank was held on Monday 15 /5 / 2017 at the Bank’s headquarters in Abdali, the shareholders participation in the meeting was ( 85.6 %). 

The following decisions were adopted at the Meeting:

  • Approving the minutes of the previous ordinary meeting which was held on 25/4/2016.
  • Approving the Board’s recommendation to appoint Dr. Safwan Toqan as independent board member effective 7/12/2016 till the end of the current board term.
  • Approving the Report of the Board of Directors on the activities of the Bank during the year 2016, along with its 2017 business plan.
  • Approving the auditors’ report on the financial statements for the year ended 13/12/2016.
  • Approving the financial statements for the year ended 31/12/2016.
  • Approving the Board of Directors’ recommendation to distribute 20% of the capital as cash dividends to shareholders (0.2 JD /share).
  • Discharging the Board’s members from their liabilities in respect of the financial year 2016.
  • Electing the Bank’s Board of Directors for the new term 2017 – 2020 as follows:
    • Al Rawabi International Real Estate Services Co. –Kuwait: 3 members.
    • Kuwait Projects Co (Holding) -: 1 member
    • Social Security Corp. : 1 member
    • Odyssey Re insurance Co. – USA:   1member
    • Strategic Co. for Investments: 1 member
    • Mr. Faisal Hamad Al Ayyar
    • Mr. Tareq Mohd. Abdul Salam
    • Dr. Marwan Jameel Muasher
    • Mr. Hani Khalil Hunaidi
    • Dr. Safwan Samih Toqan
    • Mr. Majed Fayyad Burjak
  • Electing Messrs. Deloitte and Touche M.E. (Mr. Karim Nabulsi, License No. 611) and Messrs. PricewaterhouseCoopers (Mr. Hazem H. Sababa, License No. 802) as the Bank’s Auditors (Joint Audit) for the year 2017, and authorizing the Board of Directors to determine their fees.

 

2016

The 39th ordinary and 13th extra ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 39th ordinary meeting and 13th extra ordinary meeting on April 25, 2016.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report for the year 2015 and the business plan for 2016.
  • Approve the Financial Statements for the year ended Dec 31, 2015 and the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Exonerate the Board of Directors’ liability for the activities performed during the financial year 2015.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2016, whereby the auditor responsible for auditing the Bank’s accounts is Mr. Karim Nabulsi (License No. 611), and authorize the Bank’s Board of Directors to determine their remuneration.
  • Authorize the Bank's Board of Directors to execute the above resolutions in the way it deems appropriate. 

Resolutions of extra – ordinary meeting:

  • Increase the number of board members to be (13) instead of (9) members, and amend (Article 6) of the Memorandum of Association and (Article 39) of the Articles of Association as follows:

Amended text: “The Company to be managed by a Board of Directors consisted of 13 members to be elected by the General Assembly of the Company …”

  • Elect four new independent board members to occupy the aforementioned positions and they are:
    1. H.E. Dr. Marwan Jamil Muasher
    2. H.E. Mr. Marwan Mahmoud Awad
    3. Mr. Hani Khalil Hunaidi
    4. Mr. Majed Fayyad Burjak
  • Authorize the Bank's Board of Directors to take the necessary actions to implement the decisions of the general assembly regarding to the aforementioned items. 
2015

The 38th ordinary and 12th extra ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 38th ordinary meeting and 12th extra ordinary meeting on May 13, 2015.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2014.
  • Exonerate the Board of Directors’ liability for the activities performed during the financial year 2014.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2015 and authorize the Bank’s Board of Directors to determine their remuneration.
  • Authorize the Bank's Board of Directors to execute the above resolutions in the way it deems appropriate. 

 Resolutions of extra – ordinary meeting:

  • A decision was not taken with regards to the agenda item pertaining to the amendment of the number of Board of Directors.
  • Authorize the Bank’s Board of Directors to call for a general assembly meeting at a later date in order to increase the number of Board Directors and to elect the new members within the same meeting.
2014

The 37th ordinary General Assembly Meeting

The General Assembly of shareholders, held its 37th ordinary meeting on April 20, 2014.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2013.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2014 and authorize the Bank’s Board of Directors to determine their remuneration.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate. 
2013

The 36th ordinary General Assembly Meeting

The General Assembly of shareholders, held its 36th ordinary meeting on April 7, 2013.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2012 and approve the Board of Director's recommendation to the General Assembly to distribute cash dividends of 20% of the capital (equivalent JD 20 Million) to the shareholders.
  • Discharge the Board of Directors’ liability for the activities performed during the financial year 2012.
  • Elect the Board members for the term 2013-2016 as follows:
    1. H.E. Mr. Abdel Karim Kabariti
    2. Strategy Company for Investments
    3. Social Security Corporation
    4. Burgan Bank - Kuwait
    5. United Gulf Bank – Bahrain
    6. Al- Futtooh Holding Co. - Kuwait
    7. Kuwait Projects Co. (Holding) – Kuwait
    8. Odyssey Reinsurance Co. – U.S.A
    9. Mr. Farouk Aref Al-Aref
  • Elect Messrs Deloitte & Touche (M.E.) - Jordan as the Bank’s Auditors for the year 2013 and authorize the BOD to determine their fees.
  • Authorize the Bank's Board of Directors to execute the above resolutions in the way it deems appropriate. 
2012

The 35th ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 35th ordinary meeting on March 27, 2012.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2011.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2012 and authorize the Bank’s Board of Directors to determine their remuneration.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate. 
2011

The 34rd ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 34th ordinary meeting on March 23, 2011.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2010.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 20 Millions) equivalent to 20% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2011.
  • Elect Messrs. Odyssey Reinsurance Co. a new member in the Board of Directors.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate. 
2010

The 33rd ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 33rd ordinary meeting on March 3, 2010.

Resolutions of ordinary meeting:

  • Approve the Board of Director’s report and the Financial Statements for the year ended Dec 31, 2009.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 15 Millions) equivalent to 15% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2010.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate.
2009

The 32nd ordinary General Assembly Meeting.

The General Assembly of shareholders, held its 32nd ordinary meeting on March 15, 2009.

Resolutions of ordinary meeting:

  • Approve the Boards of Director’s report and the Financial Statements for the year ended Dec 31, 2008.
  • Approve the Board of Director's recommendation to the General Assembly to distribute cash dividends (JD 10 Millions) equivalent to 10% of the capital to the shareholders.
  • Elect Messrs. Deloitte & Touche (M.E.) as the Bank’s Auditors for the year 2009.
  • Authorize the Bank's management to execute the above resolutions in the way it deems appropriate.
  • Elect the Board members for the term 2009-2012 as follows:
    • Mr. Abdel Karim Kabariti
    • United Gulf Bank / Bahrain
    • Burgan Bank / Kuwait
    • Social Security Corporation / Jordan
    • Strategy Company for Investments / Jordan
    • Kuwait Projects Holding Company / Kuwait
    • Al-Futtooh Holding Company / Kuwait
    • Mr. Moh'd Ahmad Abu-Ghazaleh
    • Mr. Farouk Aref Al-Aref